What term describes project findings that provide a competitive advantage without patent approval?

The term "trade secret" refers to project findings, strategies, or information that gives a business a competitive edge over its competitors while also remaining confidential and not publicly disclosed. This could include formulas, processes, designs, customer lists, or any proprietary information that can be kept secret to maintain its value. Unlike patents, which require formal approval and disclosure to the public, trade secrets do not require registration and can be protected indefinitely as long as the company takes steps to keep this information confidential.

In many business environments, trade secrets can be more valuable than patents due to the continuous nature of the information's competitive advantage without the need for renewal or strict compliance to patent laws. This is why the concept of trade secrets plays a crucial role in many industries where innovation and proprietary information are vital for success.